Vietnam Meat Market Tipped for Growth Track: Estimated to Grow at a CAGR of 6.1% by 2027
Published | 24 November 2021
Vietnam's meat consumption is soaring at astonishing rates because of the changing social and economic reforms, and better accessibility to imported meat. Consequently, the Vietnam meat market is registering a healthy CAGR. Additionally, the increasing health consciousness among the younger demographic is favoring the market's growth….
A recent study, conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the Vietnam meat market is estimated to grow at a CAGR of 6.1%. Growing disposable income, as well as increasing inclination of the young generation to consume meat due to its health benefits, has caused the Vietnam meat market to gain significant traction. Meat consumption patterns in Vietnam have changed in the sense that meat is now consumed daily rather than on special occasions as in the past. Additionally, growing disposable incomes directly impact market growth by increasing consumer purchasing power. Furthermore, the availability of a wide range of meat, such as pork, beef, chicken, turkey, dog, snake, etc., also plays a crucial factor in driving the market growth. However, the severe impact of the meat industry on the environment may act as a major restraining factor for the market growth.
Growing Import Activities of Meat is Propelling the Vietnam Meat Market Forward
To meet the growing meat demand in the country, the Vietnamese government is significantly focusing on expanding import activities. Vietnam's top meat importers include Russia, the United States, India, the Netherlands, and Poland. The recent data released from the Ministry of Agriculture and Rural Development revealed that around 70,000 tonnes and pork products have been imported in Vietnam in only the first six months of 2021. The meat imports into Vietnam are increasing to compensate for the deficit in demand and supply on the domestic market.
Increasing Health Consciousness Among Consumers Is Favoring the Vietnam Meat Market
The Vietnamese meat companies are targeting the health-conscious demographic to boost meat sales in the country and increase their product penetration. Companies are branding their products based on the health advantages they offer. Consuming meat strengthens the immune system, promotes healthy skin, and is very beneficial for growth, development, and reproductive health. The Vietnam meat market is anticipated to gain traction in the forecast period due to the growing millennial population as well as the rise in demand for protein-based and body-building foods.
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Vietnam Meat Market - By Distribution Channel
Based on the distribution channels, the Vietnam meat market is grouped into on-trade and off-trade segments. The off-trade segment is further classified into supermarkets/hypermarkets, specialty stores, online stores, and others. Among these, the supermarkets/hypermarkets segment accounts for the largest market due to the consumer's preference for these products. In addition, the availability of a wide range of meat products under one roof and product-level shelf differentiation contribute to the segment’s growth. On the other hand, the on-trade segment also covers a substantial share in the market because of the growing number of hotels, restaurants, and local food joints across Vietnam.
Impact of COVID-19 on Vietnam Meat Market
The Vietnam meat market has been negatively impacted by the sudden outbreak of the COVID-19 pandemic. As Vietnam and China share borders, the fear of COVID-19 cases was inevitable. In spite of the fact that it is one of the few countries that successfully controlled the community spread, the government had to impose strict social distancing measures to keep the virus from spreading. In addition, Vietnam's meat industry was temporarily shut down during the pandemic to prevent the outbreak of zoonotic diseases, which hampered the growth of the industry. Further, tourism restrictions led to a sharp decline in demand for meat in on-trade channels such as restaurants and hotels. The market, however, is expected to recover soon after COVID-19.
Vietnam Meat Market - Competitive Landscape
The leading players in the Vietnam meat market are Simba Trade and Development Company, Tienlong Company Limited, Daithanh Seafoods Co Ltd., CADE JS Company, THINH AN CO., LTD, Fortunefoods Trading Co., Ltd., Duy Dai Company Limited, A Global Fish VN, Cua Viet Corporation, ChauHaiTu Joint-Stock, Quang Anh Trad Imp Expt & Production, and other prominent players.
The market is highly fragmented due to the presence of several industry players offering a wide range of products. The companies significantly focus on improving their supply chain to increase their product penetration and market revenue. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam meat market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Vietnam meat market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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